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Protective Reports Small Increase In 3Q Net Income

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NU Online News Service, Oct. 30, 2003, 4:17 p.m. EST – Protective Life Corp, Birmingham, Ala., scraped up a small increase in net income in the third quarter despite a slump in fixed annuity sales.

The company is reporting $52 million in net income for the latest quarter on $559 million in revenue, compared with $51 million in net income on $478 million in revenue for the third quarter of 2002.

Premiums and policy fees increased, but new annuity sales fell to $103 million, from $205 million, because of the effects of low interest rates on the fixed annuity business.